Lukoil plans to start publishing financial reports to IFRS in 2015
MOSCOW. March 1 (Interfax) - Lukoil plans to start publishing its financial reports to International Financial Reporting Standards (IFRS) in 2015, head of the company's international financial reporting department Igor Kozyrev said at the presentation of the company's 2011 results to US GAAP.
"We will transition to IFRS in 2015. But we'll prepare the report starting in 2012, in order to have reports for 2013 and 2014 in 2015," he said.
Kozyrev expressed hope that the standards for US GAAP and IFRS will become more parallel to one another within three years so that they practically do not differ.
Lukoil Vice President Leonid Fedun added that "in our view, it's easier to report in rubles."
The transition to IFRS is being carried out in compliance with the federal law 'On consolidated financial reporting,' which aims to bring Russian accounting principles in line with IFRS.